The Future of Household Formation and Homeownership in Oklahoma

Forecasting State Homeownership Trends

Trends in household formation and homeownership have important implications for states’ housing markets and broader economies. They also reveal who has benefited from homeownership and who has been shut out of this critical wealth-building tool. To better understand the past and future of household formation and homeownership in Oklahoma, we look at trends by age, race, and ethnicity. Our projections, using data from decennial censuses and the American Community Survey, show what will happen over the next two decades if current policies stay the same. For more details on the methodology, see our report.

Household Formation

We look at changes in the number of households (defined as one or more people who live in a housing unit) for four racial and ethnic groups: Hispanic, non-Hispanic white, non-Hispanic Black, and people of other races, which includes Asians, American Indians, Alaska Natives, Native Hawaiians, other Pacific Islanders, and multiracial people (all of whom are non-Hispanic). We also examine household formation trends for people younger than 65 and people ages 65 and older.

Number of Households and Household Growth

Number of Households in Oklahoma, by Race or Ethnicity
 
  1990 2000 2010 2020 2030 2040
Total 1,202,902 1,341,860 1,460,440 1,495,657 1,553,459 1,599,293
White 1,015,962 1,056,761 1,091,690 1,064,602 1,040,980 999,152
Black 76,416 91,063 103,810 108,828 118,154 125,139
Hispanic 22,749 46,268 84,870 119,102 163,850 215,278
Other 87,775 147,768 180,070 203,125 230,475 259,724
  Household Growth: Oklahoma Household Growth: Nationwide
2010–2020 2020–2030 2030–2040 2010–2020 2020–2030 2030–2040
Total 2.4% 3.9% 3.0% 5.9% 6.4% 5.4%
White −2.5% −2.2% −4.0% 0.1% 0.5% −1.3%
Black 4.8% 8.6% 5.9% 9.9% 10.1% 8.8%
Hispanic 40.3% 37.6% 31.4% 22.1% 19.2% 17.3%
Other 12.8% 13.5% 12.7% 20.9% 20.0% 18.4%

Sources: Decennial censuses, the American Community Survey, and Urban Institute projections.
Notes: Values for 2020, 2030, and 2040 are projected values. The “Other” category includes Asians, American Indians, Alaska Natives, Native Hawaiians, other Pacific Islanders, and multiracial people.

Number of Households in Oklahoma, by Age


 

Number of Households in Oklahoma, by Age, Race, and Ethnicity
 
  Younger than 65 65 and older
White Black Hispanic Other White Black Hispanic Other
1990 761,830 62,312 20,692 72,880 254,132 14,104 2,057 14,895
2000 792,709 77,950 43,485 125,185 264,052 13,113 2,783 22,583
2010 807,110 87,680 79,600 150,870 284,580 16,130 5,270 29,200
2020 726,946 86,504 107,043 166,266 337,656 22,324 12,058 36,860
2030 649,891 86,161 140,640 181,912 391,089 31,993 23,210 48,564
2040 626,091 90,591 178,870 206,686 373,062 34,548 36,408 53,038
Number of Households in the United States, by Age, Race, and Ethnicity
 
  Younger than 65 65 and older
White Black Hispanic Other White Black Hispanic Other
2000 60,344,232 9,972,344 8,293,773 4,728,999 18,748,904 1,835,658 928,629 627,564
2020 55,784,880 11,872,258 14,733,722 7,456,779 26,591,297 3,379,648 2,550,232 1,616,708
2040 48,524,107 13,051,680 19,825,205 10,817,807 33,236,589 5,553,598 6,026,735 3,088,951

Sources: Decennial censuses, the American Community Survey, and Urban Institute projections.
Notes: Values for 2020 and 2040 are projected values. The “Other” category includes Asians, American Indians, Alaska Natives, Native Hawaiians, other Pacific Islanders, and multiracial people.

Household Racial and Ethnic Composition, by Age, in Oklahoma, and Nationwide

Sources: Decennial censuses, the American Community Survey, and Urban Institute projections.
Notes: Values for 2020, 2030, and 2040 are projected values. The “Other” category includes Asians, American Indians, Alaska Natives, Native Hawaiians, other Pacific Islanders, and multiracial people.

Homeownership

We look at changes in homeownership for four racial and ethnic groups: Hispanic, non-Hispanic white, non-Hispanic Black, and people of other races, which includes Asians, American Indians, Alaska Natives, Native Hawaiians, other Pacific Islanders, and multiracial people (all of whom are non-Hispanic). We also examine trends in the number of homeowners and renters younger than 65 and people 65 and older.

Oklahoma Homeownership Rates, by Race or Ethnicity
 
  1990 2000 2010 2020 2030 2040
Total 68.1% 68.5% 67.2% 66.1% 66.0% 65.8%
White 70.7% 72.3% 71.8% 71.0% 71.4% 71.5%
Black 47.5% 44.1% 41.7% 39.9% 38.4% 37.1%
Hispanic 46.6% 45.8% 48.9% 53.8% 54.3% 54.8%
Other 62.1% 62.9% 63.0% 62.1% 64.4% 66.6%
National Homeownership Rates, by Race or Ethnicity
 
  1990 2000 2010 2020 2030 2040
Total 65.3% 66.2% 65.1% 64.7% 63.6% 62.2%
White 70.1% 72.4% 72.2% 73.0% 72.5% 71.4%
Black 45.2% 46.3% 44.3% 41.9% 41.1% 40.6%
Hispanic 43.3% 45.7% 47.3% 49.0% 50.2% 51.3%
Other 53.7% 53.0% 56.3% 58.1% 57.9% 57.4%

Sources: Decennial censuses, the American Community Survey, and Urban Institute projections.
Notes: Values for 2020, 2030, and 2040 are projected values. The “Other” category includes Asians, American Indians, Alaska Natives, Native Hawaiians, other Pacific Islanders, and multiracial people.

Homeowners and Renters, by Age, in Oklahoma and Nationwide

Oklahoma Homeownership Rates, by Age
 
  1990 2000 2010 2020 2030 2040
Younger than 65 63.5% 64.3% 63.1% 60.7% 60.9% 62.1%
65 and older 82.8% 82.8% 81.1% 80.6% 77.1% 74.0%
National Homeownership Rates, by Age
 
  1990 2000 2010 2020 2030 2040
Younger than 65 62.3% 63.0% 61.6% 59.5% 57.5% 56.5%
65 and older 75.8% 78.1% 77.5% 78.4% 76.0% 73.0%

Sources: Decennial censuses, the American Community Survey, and Urban Institute projections.
Note: Values for 2020, 2030, and 2040 are projected values.

Millions of Owners and Renters in Oklahoma and Nationwide, by Age

Sources: Decennial censuses, the American Community Survey, and Urban Institute projections.
Note: Values for 2020, 2030, and 2040 are projected values.